Shiyue Daotian Group (9676) H1 2024 earnings summary

Executive summary

• H1 revenue rose 17.7% YoY to RMB2,620.6m; IFRS net profit was RMB125.8m versus a RMB24.3m loss, while adjusted net profit increased 30.6% to RMB148.9m.

• Growth reflected broader product offerings, channel changes and stronger gross margin; whole grain, bean and corn products drove growth as rice revenue edged lower.

Financial highlights

• Revenue increased to RMB2,620.6m from RMB2,227.2m; gross profit rose 36.2% to RMB444.3m, with gross margin up to 17.0% from 14.7%.

• Operating profit was RMB140.9m versus RMB97.9m; profit before tax was RMB132.9m versus a RMB21.3m loss.

• Net profit was RMB125.8m versus a RMB24.3m loss; basic and diluted EPS were RMB0.12 versus a loss per share of RMB0.02.

• Adjusted net profit was RMB148.9m versus RMB114.0m; adjusted net profit margin rose to 5.7% from 5.1%.

• Selling and distribution expenses rose 47.9% to RMB239.6m, mainly from social-commerce commissions and channel mix; administrative expenses fell to RMB73.2m from RMB76.9m, including prior-year listing costs.

Outlook and guidance

• Priorities include extending multichannel coverage, strengthening channel management and brand exposure, and adapting product mix and business layout to industry trends and consumer needs.

• Plans include developing new channels and flagship products, deepening presence in selected grain-growing regions, and building procurement, production, inspection and storage capabilities in quality origins.